Saturday , October 16 2021

Reuters: Huawei sells honorary brand to consortium to keep it



Huawei booth at 2020 China International Trade in Services Expo

Chinese giant Huawei Technologies today announced that it will sell its low-cost smartphone unit, Honor, to a consortium to maintain continuity.

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The consortium, which includes more than 30 agents and dealers, confirmed in a statement that it will announce the purchase of “Honor” through a new company called “Shenzhen Qichen New Information Technology”.

He pointed out that “Huawei will not hold shares in the new Honor company after the sale.”

“Huawei” issued a statement in the “Honor for Phone” department without releasing a number related to the transaction, “consumer activity is under tremendous pressure due to the ongoing lack of technical elements.”

Huawei denied U.S. sanctions relations on the deal, and Reuters said the deal was signed after U.S. government sanctions hampered supply to Chinese companies under the pretext of a threat to U.S. national security.

“Reuters” also said, according to sources, “the US government’s regulations forced the world’s second-largest smartphone maker after Samsung Electronics in Korea to focus on cutting-edge headphones and activities targeting businesses.”

One source told “Reuters” that “the US government has no reason to impose sanctions on honor after separation from Huawei.”

Earlier this month, Reuters reported that “Huawei is negotiating to sell Honor to a consortium led by Digital China, a headphone distributor, and the Shenzhen government for 100 billion yuan ($15.2 billion).”

Source: “Reuters”




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